GM Digest #322 — Down Bad.. Send Help
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Fuck Market Down Bad
• Bitcoin $69,359 & Ethereum $3,686 down 1% and 1.5% respectively, and the broader altcoin market experienced an unexpected decline in price after US employment data exceeded expectations on June 7
• US job gains in May were happening at a much faster pace than expected, leading to accelerated annual wage growth
• The hotter-than-expected wage gains also raised the prospect that elevated inflation may prove stickier than hoped
Tapioca Launch Soon
• @tapioca_dao is close to launch, and is having it's TGE on Jun 11 and the full deployment should begin on Jun 17. Here are a few examples on how you can utilize the protocol once it goes live
• You can leverage wstETH and rETH to amplify yields by minting $USDO against these tokens, avoiding lender fees. Tapioca's protocol lends directly to users, allowing up to 7x leverage
• Or, you can leverage $sDAI and $GLP. $sDAI has a fixed 10% APY and allows for up to 47.5x leverage, potentially yielding 237.5% APY after interest. GLP yields fluctuate and offers lower leverage, resulting in around 28% APY after interest
• Alternatively, you can also mint or acquire $USDO and lend it to Singularity markets ($sDAI on Ethereum or $GLP on Arbitrum). Lending positions can be locked for additional $TAP token discounts via oTAP call options
Citrea Devnet Live
• @citrea_xyz has launched its Public Devnet, allowing developers and users to test Bitcoin as a data availability layer
• This is the first rollup that enhances Bitcoin blockspace using zero-knowledge technology and EVM compatibility, enabling devs to build apps utilizing Bitcoin's full security
• Currently devs can deploy EVM-compatible smart contracts and run Citrea nodes, while users can bridge BTC to Citrea, send transactions, and test the network
• The Public Devnet will be live before moving to the Testnet and Mainnet phases, allowing the community to engage with apps and help stabilize the network
Mountain Protocol Series A
• @MountainUSDM announced an $8M Series A funding round led by @multicoincap, with participation from @CastleIslandVC, @cbventures, @BanklessVC, @Aptos and more
• They introduced $USDM, the first prudentially regulated, yield-bearing stablecoin, backed by US Treasuries and regulated by the Bermuda Monetary Authority. Since its launch in late 2023, over $50M $USDM has been issued
• The new funding will expand $USDM's utility, including support for more EVM and non-EVM chains, cross-chain interoperability, using $USDM as collateral in DeFi, and adding new currency supports
Misc News
• @hyperlane integrates with @Blast_L2
• The @Aark_Digital Early Bird Staking Program allows $AARK holders to earn up to 50% more staking rewards before the TGE. The application period opens on Jun 7 at 09:00 UTC and closes on Jun 10 before the TGE announcement. Participants can earn either a 50% or 25% boost in staking rewards
• @Pandora_ERC404 launched ERC404 Launchpad beta version
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*